Tishman Speyer signs $165.9M construction loan for 336-unit project in Kingsbridge

Tishman Speyer through the entity 160 Van Cortlandt Park South Housing Development as borrower signed a new construction loan with lender NYC Housing Development Corporation through the entity New York City Housing Development Corporation valued at $165.9 million for the development site (V0) at 160 Van Cortlandt Park South in Kingsbridge, Bronx.
On the lot, there is one active new building construction project, X00757318, for a 336-unit, 260,681 square-foot R-2 building. The project was submitted by Chris Mccartin with plans filed July 21, 2022 and permitted December 3, 2024.
The deal closed on December 18, 2024 and was recorded on January 7, 2025. The property has 14,160 square feet of built space and 192,805 square feet of additional air rights for a total buildable of 192,805 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $11,715 and the price per buildable square foot is $860 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 16, 2022, for $20.6 million. The signatory for Tishman Speyer was Michael B. Benner. The signatory for NYC Housing Development Corporation was Beverly D. Berquam.

The property

The parcel has frontage of 260 feet and is 240 feet deep with a total lot size of 56,048 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $200 in OATH penalties in the last year.

The neighborhood

In Kingsbridge, The bulk, or 32 percent of the 6.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 percent of the space. In sales, Kingsbridge has the 20th highest sale turnover among other neighborhoods in Bronx with $53.9 million in sales volume in the last two years. For development, Kingsbridge has had very little major development activity relative to other neighborhoods.It had 325,530 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 19 commercial properties representing 251,890 square feet of the 407,335 square feet. The largest owner is MDG Design + Construction, followed by Bashkim Celaj and then LAL Property Management.
On the tax block, there were four new building construction projects totaling 385,303 square feet. The largest is a 336-unit, 260,681 square-foot residential (R-2) building submitted by Chris McCartin with plans filed July 21, 2022 and permitted December 3, 2024. The second largest is a 100,832 square-foot 57 building submitted by NYC School Construction Authority and filed by Gordon Tung with plans filed May 25, 2023 and it has not been permitted yet.

The majority, or 53 percent of the 407,335 square feet of built space are elevator buildings, with walkup buildings next occupying 44 percent of the space.

The borrower

The PincusCo database currently indicates that Tishman Speyer owned at least 38 commercial properties with 2,642 residential units in New York City with 17,127,785 square feet and a city-determined market value of $6.4 billion. (Market value is typically about 50% of actual value.) The portfolio has $7.4 billion in debt, with top three lenders as Wells Fargo, Bank of America, and Wells Fargo respectively. Within the portfolio, the bulk, or 75 percent of the 17,127,785 square feet of built space are office properties, with specialty properties next occupying 9 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Queens next at 16 percent of the space.

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